Arizona Mortgage Licensing

Arizona Mortgage Licensing is one of the more expensive types of mortgage licensing schemes in the United States. To obtain a license as a mortgage broker or mortgage banker, Arizona requires a Responsible Individual that must be a resident of Arizona to act as your responsible individual. In the past there have not been many people that have this type of license, so it previously cost about $1,000 to $1,500 per month to hire someone to be your Responsible Individual. Recently more new people have become Responsible Individuals so we now have contacts to obtain an Arizona RI for as little as $500 to $800 per month. If you have the money to spend, this is a good state to originate in.

Mortgage Banker Licensing

Mortgage Banker License

Physical In-State Office Required: Yes
Qualifying Individual: Yes
Minimum Net Worth: $100,000 Audited
Surety Bond: $25,000 to $100,000
Comments: Personal Financial Statement per Owner/Officer, Lease must be in name of company and signed by officer.

Mortgage Broker Licensing

Mortgage Broker License

Physical In-State Office Required: Yes
Qualifying Individual: Yes
Minimum Net Worth: Positive
Surety Bond: $10,000 to $15,000
Comments: Personal Financial Statement per Owner/Officer, Lease must be in name of company and signed by officer.

Contact Info

Disclosure

Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.